CNBC Business News Update - Market Close: Dow, S&P 500 Have Worst Day In A Month, Oil Prices Spike, Treasury Yields Jump, Pfizer Shares Gain

Episode Date: October 7, 2024

The latest in business, financial, and market news and how it impacts your money, reported by CNBC's Peter Schacknow

I'm Peter Schachnow, CNBC. fell 214 points or 1.1 percent. The markets had been coming off four straight weeks of gains and a record closing high for the Dow on Friday. Abby Joseph Cohen, former chief U.S. strategist at Goldman Sachs, says corporate profits and the U.S. economy are in good shape, but the market may have already benefited from those factors. A lot of that good news is already baked into the market. I also take a look at the consensus forecasts that are being used for S&P earnings for next year, and many of them are expecting additional earnings growth of 10 to 12 percent. That represents an acceleration from this year, even though the likelihood is that the U.S. GDP will be growing more slowly next year. Shares of Pfizer rose more than 2%

after activist investor Starboard Value took a roughly $1 billion stake in the drugmaker and is said to be pushing for changes to boost financial performance. A judge has ordered Alphabet's Google unit to open its app store to more competition and give Android users more options. A judge had ruled last December

that Google had monopolized how consumers access apps on Android devices and how they pay for in-app transactions. Peter Schach now, CNBC. The vote. It's as American as apple pie. It's iconic. You got the flag up now. Patriotic. And this November, we're all chanting, it's your turn. Voter up.